trading.kay27

Kay_BBandsV3

This is the 3rd version of Kay_BBands.

When +DI (Directional Index ) is above -DI , then Upper band will be visible and vice-versa.
This is when the ADX is above the threshold. 28 is the default in this version. I found its more appealing in 5M time frame.

BLUE - ADX under 10
GREEN - Uptrend, ADX over 10
RED - Downtrend, ADX over 10

Use it with another band with setting 20, 0.6 deviation. Prices keeping above or below the 2nd bands upper or lower bounds shows trending conditions.

I didn't know how to update the old script so published it again.
Changes - :
1) Updated default settings for the indicator
2) ADX setting are now DI (28), ADX (10), adx level to check is 10.
3) IMPORTANT one - When DI is up/down, lower/upper band will also have color (more visible that way.)

Play around the settings.. It really eliminates extra indicator checking visually... Please like if you think idea is good.
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//version=2
//2nd version of the band
study(shorttitle="Kay_BBv3", title="Kay_BBandsV3", overlay=true)
length = input(20, minval=1)
hl = input(false, title="Band source as high/low ?", type=bool)
Usrc = hl ? high : close // input(high/Low, title="Upper Src")
Lsrc = hl ? low : close //input(low, title="Lower Src")
mult = input(2.0, minval=0.001, maxval=50)
basis = input(false, title="Use EMA ?", type=bool) ? ema(close, length) : sma(close, length)
isU = close > basis
isD = close < basis

//2 diviation
upperB = basis + (mult * stdev(Usrc, length))
lowerB = basis - (mult * stdev(Lsrc, length))

//1 Diviation
upperB1 = basis + ((mult/2) * stdev(Usrc, length))
lowerB1 = basis - ((mult/2) * stdev(Lsrc, length))

//upper = isU and highest(Usrc, length) == Usrc ? upperB : upperB < fixnan(upper[1]) ? upperB : fixnan(upper[1])
//lower = isD and lowest(Lsrc, length) == Lsrc ? lowerB : lowerB > fixnan(lower[1]) ? lowerB : fixnan(lower[1])

//Adx
adxlen = input(10, title="ADX Smoothing")
dilen = input(28, title="DI Length")
dirmov(len) =>
	up = change(high)
	down = -change(low)
	truerange = rma(tr, len)
	plus = fixnan(100 * rma(up > down and up > 0 ? up : 0, len) / truerange)
	minus = fixnan(100 * rma(down > up and down > 0 ? down : 0, len) / truerange)
	[plus, minus]

adx(dilen, adxlen) => 
	[plus, minus] = dirmov(dilen)
	sum = plus + minus
	adx = 100 * rma(abs(plus - minus) / (sum == 0 ? 1 : sum), adxlen)

[plus1, minus1] = dirmov(dilen)
sig = adx(dilen, adxlen)
level = input(10, title="ADX level", minval = 1)

plot(basis, color=sig > level ? red : blue, title="BB Basis")
//p1 = plot(upper, color=black, title="BB Upper modified", transp=0)
//p2 = plot(lower, color=black, title="BB Lower modified", transp=0)
//fill(p1, p2, color=blue, transp=90, title="Modified")

p1 = plot(upperB, color=sig > level ? (plus1 > minus1 ? #00C600 : #7D7D7D) : blue, title="BB Upper", transp=0)
p2 = plot(lowerB, color=sig > level ? (plus1 < minus1 ? #FF0000 : #7D7D7D) : blue, title="BB Lower", transp=0)
fill(p1, p2, color=blue, transp=95, title="Background")

p3 = plot(upperB1, color=sig > level ? (plus1 > minus1 ? #00C600 : #7D7D7D) : blue, title="BB Upper", transp=0)
p4 = plot(lowerB1, color=sig > level ? (plus1 < minus1 ? #FF0000 : #7D7D7D) : blue, title="BB Lower", transp=0)
fill(p3, p4, color=red, transp=95, title="Background")

BTCTTM
6 months ago
Looks great! I'll try this indicator
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